This is a very useful in many ways. It simplifies the calculation of EV/EBITDA as the EV does not need the usual adjustments for the hypothetical buyout or sale of minority shareholdings if proportionate EBITDA is used.

Although there is no reason why proportionate numbers should be only be disclosed by telecoms companies, they are rarely disclosed outside the sector. It has become a standard in the sector because of investor demand for sufficient disclosure to value shares in companies that generate such a high proportion of profits from partly owned subsidiaries and associates.